Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
When: Today, Wednesday, September 18th
Following is breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.
JPMorgan Likely to Lead Chrysler IPO
By: Kate Kelly
Notwithstanding doubts about whether Chrysler Group would go forward with a promised public float, the company is late in the stages of preparing its offering documents, said a person familiar with the offer, and JPMorgan Chase is expected to underwrite the IPO.
Chrysler chief executive Sergio Marchionne said in a Financial Times interview earlier this week that IPO plans were well underway and that the prospectus could be published in the U.S. "within the third week of this month." But Marchionne, who has been trying unsuccessfully to buy out a large minority shareholder in Chrysler, has made it clear that he would strongly prefer to avoid the public route.
Knowing that, a number of investment bankers – many of whom participated in a so-called "beauty contest" Chrysler held to select IPO underwriters earlier this year – regarded his public remarks this week as a bluff. Some hadn't heard any fresh details on the company's plans since their pitch meetings, and presumed no deal was yet underway. As recently as Wednesday, the identity of the carmaker's lead underwriter had been kept under wraps, and some competing bankers wondered aloud whether the new-issue prospectus had even been written.
A Chrysler spokeswoman declined comment on where things stood with the IPO.
Once Chrysler publishes its prospectus, known as an S-1 filing, valuation will be a central question. The mere fact that an IPO is moving forward is an indication that Marchionne – who runs the Italian carmaker Fiat SpA, which he also helms, and Chrysler as a single company – has been unable to agree on a price at which Fiat could purchase the 41.5 percent of Chrysler it doesn't yet own.
That stake is controlled by the United Auto Workers union's voluntary employees' benefits association, or VEBA. Its representatives have argued that Chrysler is worth more than $10 billion. Fiat, however, disputes that, having said in a court document that its sister company was worth only about $4 billion.
JPMorgan isn't expected to be the only bank on the Chrysler IPO, said the person familiar with the matter, but it will lead the offering, should it come together. And the new issue would be sizable. Based on even the most conservative valuation, which is Fiat's, VEBA's share of Chrysler would be worth nearly $2 billion.
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 390 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site athttp://www.nbcumv.com/mediavillage/networks/cnbc/